Exchange Traded Concepts LLC lifted its stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 16.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 149,852 shares of the company's stock after buying an additional 20,682 shares during the quarter. Exchange Traded Concepts LLC's holdings in Tencent Music Entertainment Group were worth $2,159,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the stock. PNC Financial Services Group Inc. boosted its stake in shares of Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock worth $126,000 after buying an additional 1,094 shares during the last quarter. BNP Paribas boosted its stake in shares of Tencent Music Entertainment Group by 2.0% in the fourth quarter. BNP Paribas now owns 58,066 shares of the company's stock worth $659,000 after buying an additional 1,131 shares during the last quarter. Corient Private Wealth LLC boosted its stake in shares of Tencent Music Entertainment Group by 4.2% in the fourth quarter. Corient Private Wealth LLC now owns 33,708 shares of the company's stock worth $383,000 after buying an additional 1,370 shares during the last quarter. Quadrant Capital Group LLC boosted its position in Tencent Music Entertainment Group by 5.7% during the fourth quarter. Quadrant Capital Group LLC now owns 36,604 shares of the company's stock worth $415,000 after purchasing an additional 1,981 shares in the last quarter. Finally, Gabelli Funds LLC boosted its position in Tencent Music Entertainment Group by 2.1% during the fourth quarter. Gabelli Funds LLC now owns 145,000 shares of the company's stock worth $1,646,000 after purchasing an additional 3,000 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on the company. Sanford C. Bernstein reiterated an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Macquarie set a $26.20 target price on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday. Mizuho raised their target price on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Wednesday, March 19th. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Finally, Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $16.60.
Check Out Our Latest Analysis on TME
Tencent Music Entertainment Group Trading Up 2.3%
Shares of Tencent Music Entertainment Group stock traded up $0.41 during trading hours on Thursday, hitting $18.61. The company's stock had a trading volume of 5,904,208 shares, compared to its average volume of 8,143,141. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $9.41 and a twelve month high of $19.40. The firm has a fifty day moving average of $15.59 and a 200-day moving average of $13.49. The stock has a market cap of $31.94 billion, a price-to-earnings ratio of 22.16 and a beta of 0.51. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.83 and a current ratio of 1.83.
About Tencent Music Entertainment Group
(
Free Report)
Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.
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